## Financial Structure × Demographics → Crisis Onset

**Any Crisis Onset**

|  | Full Sample | + Interactions | Bank-Based | Market-Based |
| --- | --- | --- | --- | --- |
| Z_1 | -0.3109** | -0.4759 | -0.7418* | -0.0790 |
|  | (0.1403) | (0.3141) | (0.4403) | (0.3137) |
| Z_2 | 0.0428** | 0.0628 | 0.1030 | 0.0043 |
|  | (0.0210) | (0.0465) | (0.0629) | (0.0468) |
| Z_3 | -0.0016* | -0.0024 | -0.0040 | 0.0000 |
|  | (0.0009) | (0.0019) | (0.0025) | (0.0019) |
| fin_structure |  | 0.0273*** |  |  |
|  |  | (0.0077) |  |  |
| Z_1_x_fin |  | -0.0504 |  |  |
|  |  | (0.2552) |  |  |
| Z_2_x_fin |  | 0.0066 |  |  |
|  |  | (0.0380) |  |  |
| Z_3_x_fin |  | -0.0002 |  |  |
|  |  | (0.0015) |  |  |
| N | 4,532 | 1,452 | 725 | 727 |
| R² | 0.028 | 0.072 | 0.062 | 0.064 |
| ρ | 0.038 | 0.037 | -0.037 | -0.026 |

**Any Crisis Onset — Age Decomposition**

|  | Age × Fin. Structure |
| --- | --- |
| old_dep | -0.0347 |
|  | (0.0951) |
| youth_dep | 0.1029** |
|  | (0.0484) |
| fin_structure | 0.0050 |
|  | (0.0299) |
| old_dep_x_fin | 0.1769* |
|  | (0.1029) |
| youth_dep_x_fin | -0.0427 |
|  | (0.0488) |
| N | 1,452 |
| R² | 0.071 |
